Treasury

ECOFIN: 22 June 2018

lord bates: My right honourable friend the Chancellor of the Exchequer (Philip Hammond) has today made the following Written Ministerial Statement.A meeting of The Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 22 June 2018.ECOFIN was preceded by a morning meeting of the EIB Board of Governors.Annual EIB Board of Governors meetingThe EIB Board of Governors meeting included a speech by EIB President Werner Hoyer, a Governors discussion on the future direction of the Bank, reappointment of the Board of Directors, and approval of the Audit Report.At ECOFIN, EU Finance Ministers discussed the following:Early Morning SessionThe Eurogroup President briefed the Council on the outcomes of the 21 June meeting of the Eurogroup, and the European Commission provided an update on the current economic situation in the EU. Following this, the Council discussed the next Multiannual Financial Framework, and France and Germany reported on the outcomes of the Franco-German summit on 19 June.VAT “Quick-Fixes”The Council discussed the Presidency compromise text in regards to; the Directive on harmonising and simplifying certain rules in the VAT system and introducing the definitive system for the taxation of trade between Member States; the Regulation regarding certain exemptions for intra-Community transactions and the Regulation regarding certified taxable persons. The Council were unable to reach agreement on a General Approach.European Deposit Insurance SchemeThe Council took note of the Presidency progress report on the European Deposit Insurance Scheme.Current Financial Services Legislative ProposalsThe Presidency provided an update on current legislative proposals in the field of financial services.Insolvency DirectiveThe Presidency provided an update on the Insolvency, Restructuring and Second-Chance Directive.National Reform Programmes 2018The Council approved the 2018 Country-Specific Recommendations as part of the European Semester process.Implementation of the Stability and Growth PactThe Council adopted Council Decisions and Recommendations in the context of both the Excessive Deficit Procedure and the Significant Deviation Procedure, also part of the European Semester.Convergence ReportsAlso as part of the European Semester, the Commission and the European Central Bank presented the annual Convergence Reports.


This statement has also been made in the House of Commons: 
HCWS824

Extending the Senior Managers and Certification Regime to FCA solo-regulated firms

lord bates: My honourable friend the Economic Secretary to the Treasury (John Glen) has today made the following Written Ministerial Statement.The Senior Managers and Certification Regime (SM&CR) will come into force for financial services firms regulated by the Financial Conduct Authority only (also known as solo-regulated firms) from 9 December 2019.The SM&CR is aimed at changing behaviours and culture in the financial services sector. It ensures that senior individuals in firms are approved by the relevant regulator, have a statement of responsibilities outlining what they are accountable for, and can be held personally responsible for misconduct. It also ensures that a code of conduct is set out for all financial services staff, and that employees in roles where they could do significant harm to consumers or to the UK’s financial stability are approved annually by their firm.The SM&CR was first introduced for banks and building societies through the Financial Services (Banking Reform) Act 2013 and has applied to banks, building societies, credit unions, investment firms and UK branches of foreign banks since March 2016. The Government also legislated in the Bank of England and Financial Services Act 2016 to extend the SM&CR to all financial services firms. The Government recently announced the SM&CR would apply to insurance firms from 10 December 2018. The application to solo-regulated firms is the final stage in the extension of the SM&CR.HM Treasury will make commencement regulations to bring the Regime into force for solo-regulated firms.


This statement has also been made in the House of Commons: 
HCWS823

Cabinet Office

Handling Members' Correspondence in 2017

lord young of cookham: The Chancellor of the Duchy of Lancaster and Minister for the Cabinet Office has today made the following Written Ministerial Statement.I am today publishing a report on the performance of Departments and Agencies on handling correspondence from Members and Peers during the calendar year 2017. Details are set out in the table below. Corresponding statistics for 2016 can be found on 11 July 2017, Volume 627 (HCWS35).Departmental figures are based on substantive replies unless otherwise indicated. The footnotes to the table provide general background information on how the figures have been compiled.



Correspondence Table 2017
(Word Document, 106.5 KB)

Department for Environment, Food and Rural Affairs

June Agriculture and Fisheries Council

lord gardiner of kimble: My Hon. Friend Minister of State for Agriculture, Fisheries and Food (George Eustice) has today made the following statement:Agriculture and Fisheries Council took place in Luxembourg on 18 June. I represented the UK.The main focus of the Council was fisheries items. The most substantive of these was a presentation by the European Commission on the implementation of the Common Fisheries Policy (CFP). Commissioner Vella outlined the main aims for 2019: reaching maximum sustainable yield targets, fully meeting the Landing Obligation, and implementing the Baltic and North Sea Multi-annual Plans (MAPs). There was an exchange of views among member states. The UK reiterated its commitment to the Landing Obligation and spoke of the need for pragmatic solutions to prevent choke problems in 2019.The Netherlands gave a presentation to highlight a recent report from the International Council for the Exploration of the Sea (ICES) about pulse beam trawling. Member states agreed that more research was needed. The UK drew attention to original research being carried out by Centre for Environment, Fisheries, and Aquaculture Science (CEFAS), whose report is due in 2019.There was a presentation by the Commission on a new proposal revising the Control Regulation. The presentation raised the possibility of increased electronic reporting and satellite control as well as greater oversight of the recreational fishing sector. Member states voiced concerns about the practicalities and costs of these changes, especially the introduction of CCTV.The Commission also gave a presentation on a regulation on the European Maritime and Fisheries Fund (EMFF), covering the period 2021-2027, outlining its intention to give member states more flexibility in managing the fund. Member states welcomed the offer of greater flexibility but requested further discussion about the Fund’s budget and administration.The most substantive item for agriculture was a presentation by the Commission on reforms of the Common Agricultural Policy after 2020. Member states expressed a range of views, with some of them concerned about planned budgetary cuts. Member states agreed on the importance of achieving real simplification. The Commission signalled further discussion on this topic and welcomed further constructive recommendations from member states.The Commission also gave an update on the agricultural market situation, giving a generally positive assessment of the health of EU markets.Six further items were discussed under ‘any other business’:- the Slovenian delegation gave a presentation on their UN initiative ‘World Bee Day’- the Polish delegation presented on the situation in the pig meat market- the French delegation presented on the disposal of skimmed milk powder stocks- the Cyprus delegation gave information about the decreasing availability of water for agriculture in Cyprus- the Spanish delegation provided information about anti-subsidy and anti-dumping duties against Spanish table olives by the US authorities- the Hungarian delegation delivered a joint Declaration of the Visegrad, Baltic, and Balkan member states about a shared initiative in agriculture, forestry, and aquaculture research, ‘BIOEAST’.Until the UK leaves the European Union, the UK remains a full member of the EU and all the rights and obligations of EU membership remain in force. The outcome of our negotiations with the EU on the future partnership will determine what arrangements apply in relation to EU legislation in future.